The Parent

Condensed income statement

(€m)    2010    % of
   revenue
   2009 % of
   revenue
   Change
Revenue 1,323.7 100.0% 1,280.4 100.0% 3.4%
Other operating income 67.9 5.1% 78.3 6.1% (13.3%)
Total revenue
and other
operating income
1,391.6 105.1% 1,358.7 106.1% 2.4%
Raw materials,
supplies and goods
(629.8) (47.6%) (604.8) (47.2%) 4.1%
Personnel expense (319.1) (24.1%) (302.9) (23.7%) 5.3%
Leases, rentals,
concessions and royalties
(184.3) (13.9%) (175.7) (13.7%) 4.9%
Other operating costs (144.2) (10.9%) (144.9) (11.3%) (0.5%)
EBITDA 114.2 8.6% 130.4 10.2% (12.4%)
Depreciation, amortisation
and impairment losses
(56.9) (4.3%) (54.8) (4.3%) 3.8%
EBIT 57.3 4.3% 75.6 5.9% (24.2%)
Financial income (expense) 163.0 12.3% 27.8 2.2% 486.3%
Impairment losses
on financial assets
(19.7) (1.5%) (6.8) (0.5%) 189.7%
Pre tax profit 200.6 15.2% 96.6 7.5% 107.7%
Income tax (36.2) (2.7%) (33.9) (2.6%) 6.8%
Profit for the year 164.4 12.4% 62.7 4.9% 162.2%

In addition to managing and controlling the Group by way of its business units, Autogrill S.p.A. directly conducts the businesses that earn over 98% of revenue in the Italian market. The remaining 2% is generated by its Italian subsidiaries: Nuova Sidap S.r.l. and Alpha Retail Italia S.r.l.

See the “Italy” section under “Business segments” for information on the performance of direct commercial operations.
Note that part of the 3.4% increase in revenue, from € 1,280.4m in 2009 to € 1,323.7m, is due to the merger of Trentuno S.p.A. (effective from 1 January 2010 for accounting and tax purposes) which in 2009 had produced revenue of € 7.9m.

EBIT amounted to € 57.3m (€ 75.6m in 2009).

Depreciation, amortisation and impairment losses in 2010 came to € 56.9m, compared with € 54.8m the previous year.

Net financial income totalled € 163.0m, up from € 27.8m in 2009, due mainly to an increase in dividends received from subsidiaries (from € 34.3m to € 182.2m) and a reduction in net debt achieved through the generation of cash by domestic commercial operations and subsidiaries.

Autogrill S.p.A. recognised a profit of € 164.4m (€ 62.7m in 2009), after taxes of € 36.2m (€ 33.9m the previous year).

Reclassified statement of financial position: Autogrill S.p.A.1

(€m)    31.12.2010    31.12.2009    Change
Intangible assets 122.5 118.4 4.1
Property, plants
and equipment
212.4 210.1 2.3
Financial assets 1,203.0 623.4 579.6
A) Non-current assets 1,537.9 951.9 586.0
Inventories 58.2 57.7 0.5
Trade receivables 22.6 27.2 (4.6)
Other receivables 52.0 60.4 (8.4)
Trade payables (274.3) (292.7) 18.4
Other payables (93.4) (80.0) (13.4)
B) Working capital (234.9) (227.4) (7.5)
C) Invested capital,
less current liabilties
1,303.0 724.5 578.5
D) Other non-current
non-financial assets and liabilities
(96.8) (84.4) (12.4)
E) Net invested capital 1,206.2 640.1 566.1
F) Equity 774.1 610.2 163.9
Non-current
financial liabilities
(978.3) (1,352.8) 374.5
Non-current
financial assets
712.5 1,458.6 (746.1)
G) Non-current
financial position
(265.8) 105.8 (371.6)
Current financial
liabilities
(364.7) (240.1) (124.6)
Cash and cash equivalents and
current financial assets
198.4 104.4 94.0
H) Current net
financial position
(166.3) (135.7) (30.6)
Net financial position
(G + H)
(432.1) (29.9) (402.2)
I) Total, as in F) 1,206.2 640.1 566.1

The statement of financial position shows an increase of € 578.5m in net invested capital, due to a rise of € 586.0m in non-current assets and of € 7.5m in working capital.

The change in non-current assets is mainly due to the capitalisation of € 400.0m for the subsidiary Autogrill España S.A. and the acquisition of 100% of Autogrill Participaciones SLU (later renamed Autogrill Iberia SLU) and 56.86% of Autogrill Schweiz AG, both controlled indirectly, as part of the rearrangement of the Group’s ownership structure. The acquisition prices were negotiated on the basis of the companies’ fair value on the transaction date and are representative of their expected ability to produce earnings and generate cash.

Most of the change in working capital is due to a reduction in trade receivables by € 18.4m, an increase in trade payables for non-current assets (classified under “Other payables”), and a decrease in the amount receivable from the parent company, Edizione S.r.l., for the tax consolidation scheme (classified under “Other receivables”).

As mentioned above, during the year the Company absorbed the wholly-owned subsidiary Trentuno S.p.A., with retroactive effect for accounting and tax purposes from 1 January 2010. The merger has had no significant impact on the income statement or financial position.

1The main statement of financial position figures are directly derived from the consolidated financial statements and Notes

Capital expenditure

The Company invested € 57.2m in 2010 (€ 34.9m the previous year). For further information, see the “Italy” section under “Business segments”.

Workforce


31.12.2010 31.12.2009

Full-time Part-time Total Full-time Part-time Total
Managers 68 68 66 66
Junior managers 547 7 554 529 5 534
White collars 782 165 947 801 165 966
Blue collars 3,724 6,228 9,952 3,643 6,061 9.704
Total 5,121 6,400 11,521 5,039 6,231 11.270

At the end of 2010 there were 11,521 employees on the payroll, an increase of 251 (including 110 from the Trentuno S.p.A. merger), referring mainly to personnel at commercial locations.